Bitaigen Research 
The altcoin market remains under pressure, investor sentiment is weakening, and digital‑asset prices are struggling to break free from the steep decline that began in October 2025.
According to CryptoQuant analyst Darkfost, roughly 38 % of altcoins are hovering around their historical lows—a condition that is even more severe than the market crash that followed the FTX incident.
“The current market is unfavourable to risk‑on assets, and the cryptocurrency sector is bearing the brunt of this flight‑to‑safety sentiment,” he noted, adding:
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“The metric stood at 35 % in April 2025, and briefly rose to 37.8 % shortly after the FTX fallout. This chart visualises the present state of altcoins: investors remain cautious, and interest in altcoins continues to wane.”
Proportion of altcoins trading at or near historic lows (source: CryptoQuant)
Altcoins that are often touted as Bitcoin alternatives include Cardano (ADA), whose price is currently about $0.10 above its historic low of $0.17; Polkadot (DOT), which touched a record low of $1.13 last month but has since rebounded roughly 33 %; and Polygon (MATIC), whose current trading price sits merely $0.02 above its historic trough of $0.08.
Darkfost explained: “Liquidity is flowing away from altcoins toward equities and commodities.” Data from CoinMarketCap show that on October 10 — the day of the historic crypto market plunge—daily trading volume surged past $417 billion.
Total3 Index (tracks the aggregate market cap of all cryptocurrencies except BTC and ETH) has retreated to November 2024 levels (source: TradingView).
By contrast, daily volumes in February and March 2026 fluctuated between $49.4 billion and $268 billion.
He pointed out that this altcoin correction represents the largest drawdown recorded in the current cycle, and suggested that it could present buying opportunities for patient investors.
In this article we outline the broader trajectory of the altcoin market, dissect how the shift in risk appetite since the FTX episode has profoundly affected prices, and combine on‑chain metrics with industry sentiment to highlight factors that may either exacerbate or alleviate the ongoing downtrend. For a deeper dive into specific performance metrics and potential turning points, keep reading.
Altcoin social buzz is being eclipsed by Bitcoin
Santiment, a crypto‑market‑sentiment analytics platform, reports that mentions of altcoins on social media have fallen to their lowest level in two years.
At the same time, Google Trends shows that global search interest for “altcoin” has dropped to an annual low, scoring just 4 out of 100.
Global Google search volume for “altcoin” has slipped to its lowest point in the past year (source: Google Trends)
Jimmy Xue, co‑founder of the Axis liquidity platform, told Cointelegraph: “Altcoins are facing a liquidity crunch; even a modest shift in sentiment can trigger excessive selling pressure.”
He added: “This stems largely from the fact that altcoins lack the institutional backing that Bitcoin enjoys, as well as the ‘digital gold’ narrative that underpins Bitcoin’s appeal.”
Analysts identify several drivers behind the altcoin slump:
- Token oversupply – an abundance of coins competes for a limited pool of investor capital.
- The launch of Bitcoin exchange‑traded funds (ETFs) – these products lock liquidity into traditional financial instruments, reshaping market dynamics.
As of the time of writing, CoinMarketCap lists more than 3.68 million distinct crypto tokens.
This concludes the full coverage of the fact that 38 % of altcoins are near historic lows, a situation more severe than the post‑FTX collapse. For further insights, follow additional articles from Bitaigen (比特根).
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⚠️ Risk Disclaimer: Crypto prices are highly volatile. This is not investment advice.
